I currently own a business that sells wholesale peat moss products as an S Corporation. We moved to a 32-acre farm in 2017 and want to operate it as a farm. Can I group the farm income and expenses into my existing business?
March 29th, 2023
I received inheritance income from the sale of my mother's home in Puerto Rico for $44,000 and paid $6,500 in taxes. I received a Form 480.6C. How do I enter it in my tax return and do I need to file a tax return in Puerto Rico?
July 28th, 2023
Can I claim the expenses for a nutritionist and a weight loss program on my taxes if they were recommended by my doctor for medical reasons such as diabetes and hypothyroidism?
October 22nd, 2023
I loaned money to my three-member LLC, which is recorded as a liability on the LLC's books. I bear the full responsibility if the LLC goes out of business. Does this loan increase my tax basis, allowing me to deduct partnership losses?
October 18th, 2023
We have a partnership that rents out farm property, which includes production land and farm buildings. We want to sell it. Our accountant believes the production land is subject to capital gains tax, and the sale of the buildings would be subject to personal tax. Is this understanding correct?
June 20th, 2023
I received proceeds as a beneficiary from my mother's annuity and two insurance policies after she passed away in 2017. I received a 1099-R for the annuity showing taxable income of $599, and I also received a 1099-B for personal brokerage transactions showing an amount of $53.00. Do I need to report these on my taxes, and if so, where should I list them?
June 23rd, 2023